Tesla reports record car deliveries in a record quarter

In a record quarter, Tesla delivered simply more than 25,000 cars in the first 3 months of the year.

The electric automaker stated that was a 70% increase on the exact same period of 2016.

It is a rebound for the United States company after production issues in 2016 resulted in a 9% drop in deliveries in the fourth quarter.

Tesla was founded in 2003 and owned by Elon Musk, who also owns the space rocket company, SpaceX.

Recently China’s Tencent Holdings purchased a 5% stake in Tesla for nearly $1.8 billion.

That was an increase for the company which has been investing greatly in raising production and faces a pricey year, with the release of the new Model 3.

It is a medium-sized vehicle which Tesla refer as its “most affordable” car yet and it hopes will attract mass market.

The Model 3 is set tp go on sale in the US this year priced at $35,000.

That would be considerably more affordable than Tesla’s present models – the Model X, an SUV, and the Model S, a stylish saloon, both priced over $70,000.

In the first quarter Tesla provided 13,450 Model S cars and 11,550 of the Model X.